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GRAINS

March Corn closed down $0.07-cents at 3.86 3/4.

March corn closed sharply lower on Friday leaving yesterday's upside breakout of the December-January trading range unconfirmed. The USDA releases their weekly export data today, which came in a 346,000 MMT. This was pre-report expectations and below last week's level. Monday's grain inspection for export report showed a decrease of over 5.4 million bushels in corn going through export facilities from the previous week. At over 13.6 million bushels, inspections were 30.8 million bushels lower than the same week last year. Export demand will likely not change significantly from this trend for the week ending January 16. The low-range close sets the stage for a steady to lower opening when Monday's night sessions begins trading. Stochastics and the RSI are overbought and are neutral to bearish hinting that a short-term might be in or is near. Closes below last-Thursday's low would open the door for a possible test of December's low crossing at $3.71. Closes above Thursday's high crossing at $3.94 are needed to confirm a trading range breakout while opening the door for a possible test of November's high crossing at $4.00. First resistance is Thursday's high crossing at $3.94. Second resistance is November's high crossing at $4.00. First support is last-Thursday's low crossing at $3.75 1/4. Second support is December's low crossing at $3.71.

March wheat closed down $0.08 3/4-cents at $5.71 3/4.

March wheat closed lower on Friday. The low-range close sets the stage for a steady to lower opening when Monday's night session begins trading. Stochastics and the RSI have turned neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at $5.63 1/2 are needed to confirm that a short-term top has been posted. If March extends the rally off September's low, the 87% retracement level of the 2018-2019-decline crossing at $6.13 3/4 is the next upside target. First resistance is the 75% retracement level of the 2018-2019-decline crossing at $5.92 1/4. Second resistance is the 87% retracement level of the 2018-2019-decline crossing at $6.13 3/4. First support is the 20-day moving average crossing at $5.63 1/2. Second support is the 50-day moving average crossing at $5.42 1/4.

March Kansas City Wheat closed down $0.06 1/4-cents at $4.86.

March Kansas City wheat closed lower on Friday as it extends this week's decline. The low-range close sets the stage for a steady to lower opening when Monday night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Multiple closes below the 20-day moving average crossing at $4.86 1/2 are needed to confirm that a short-term top has been posted. If March extends the rally off September's low, the 75% retracement level of the June-September-decline crossing at $5.08 is the next upside target. First resistance is Wednesday's high crossing at $5.04 3/4. Second resistance is the 75% retracement level of the June-September-decline crossing at $5.08. First support is the 20-day moving average crossing at $4.86 1/2. Second support is the 50-day moving average crossing at $4.59 1/2.

March Minneapolis wheat closed down $0.08 1/4-cents at $5.47 1/2.

March Minneapolis wheat closed lower on Friday and below the 20-day moving average crossing at $5.53 3/4 confirming that a short-term top has been posted. The low-range close sets the stage for a steady to lower opening when Monday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends today's decline, the 50-day moving average crossing at 5.34 3/4 is the next downside target. If March resumes the rally off November's low, October's high crossing at $5.71 1/4 is the next upside target. First resistance is the 87% retracement level of the October-December-decline crossing at $5.62 3/4. Second resistance is October's high crossing at $5.71 1/4. First support is the reaction low crossing at $5.43 1/4. Second support is the 50-day moving average crossing at 5.34 3/4.

SOYBEAN COMPLEX? 

March soybeans closed down $0.07 1/4-cents at $9.02 1/4.

March soybeans closed lower on Friday as it extended this month's decline. The low-range close sets the stage for a steady to lower opening when Monday's night session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends this month's decline, the December 12th low crossing at $9.02 1/2 is the next downside target. Closes above the 20-day moving average crossing at $9.36 would confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at $9.25 1/4. Second resistance is the 20-day moving average crossing at 9.36. First support is today's low crossing at $9.00 3/4. Second support is the 87% retracement level of the December-January-rally crossing at $8.92 1/2.

March soybean meal closed down $0.70 at $298.20.

March soybean meal closed lower on Friday. The low-range close sets the stage for a steady to lower opening when Monday's night session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends this month's decline, last May's low crossing at $295.50 is the next downside target. Closes above the 50-day moving average crossing at $302.70 are needed to renew the rally off December's low. First resistance is the 50-day moving average crossing at $302.70. Second resistance is January's high crossing at $307.50. First support is Thursday's low crossing at $296.00. Second support is last-May's low crossing at $295.50.

March soybean oil closed down 50-pts. at 31.98.

March soybean oil closed lower on Friday as it extends this month's decline. The low-range close sets the stage for a steady to lower opening when Monday's night session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends this month's decline, the reaction low crossing at 31.62 is the next downside target. Closes above the 20-day moving average crossing at 34.05 would confirm that a short-term top has been posted. First resistance is the 20-day moving average crossing at 34.05. Second resistance is January's high crossing at 35.67. First support is today's low crossing at 31.86. Second support is the reaction low crossing at 31.62.